A Cayman director residency requirement?

Cayman just managed to avoid the EU blacklist in December. It did this by promising the EU more substance and transparency. This looks likely to mean, amongst other changes coming to Cayman, a requirement for funds to have local directors.

First the background. ADI, The NED’s sister publication which followed development of the EU’s blacklist closely last year, understood that Cayman was to be blacklisted. But very late in the day commitments it made to introduce reforms this year saved it – at least until the late autumn of 2018. This is backed up by a report in the EUobserver, a usually very well-informed source on the Commission. It has written: ‘After months of talks in the secretive code of conduct expert group, the lists were changed until the last-minute following agreements with and commitments from screened countries.’

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